Statistics New Zealand released its building permits data on late Thursday evening. Building permits in New Zealand plunged 9.8% in March, after a 10.0% gain in February. February's figure was revised down from a 10.8% rise.

Residential work rose 10% year-on-year in March, while non-residential work climbed 7.8%.

"The trend for the number of new dwellings consented shows signs of easing, but is still near the highest level since mid-2004," Statistics New Zealand said in its statement.